Despite indications of a weak second quarter, CIBC World Markets sees Pembina Pipeline Corp. as a reliable energy sector choice set to benefit from a resurgence in conventional oil production.

That was the verdict as CIBC initiated coverage of the Calgary-based company this week.

“We believe Pembina is a low-risk, high-yield way to play growing conventional oil, oil sands, and liquids-rich gas production in the [Western Canadian Sedimentary Basin],” CIBC’s David Noseworthy wrote.

The analyst highlighted the oil and gas infrastructure company’s dividend growth plan, set at 3-5% in the next four years, as sustainable based on throughput volumes and slated projects.

CIBC projects 70% growth in earnings before interest, taxes, depreciation and amortization for the company’s conventional pipeline segment in the next four years and 66% EBITDA growth in its oil sands and heavy oil segments operations.